Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A person other than a company registered under section 21 must not intentionally:
(a) issue a life policy; or
(b) undertake liability under a life policy.
(2) Subsection (1) does not prohibit a person from:
(a) acting as agent of a company registered under section 21; or
(b) entering into, or undertaking liability under, a contract referred to in subsection (3) if the particular contract is not a contract of insurance.
(3) Paragraph (2)(b) applies to the following contracts:
(a) an investment account contract;
(b) an investment - linked contract.
(4) If a declaration is in force under section 12A or 12B in relation to business carried on or proposed to be carried on by a company, the company must not intentionally carry on that business unless the company is registered under section 21.